|
CNOOC has bought into a private fuel wholesaler
in Zhejiang province, local official media have reported.
To become an integrated oil firm, China's offshore oil
specialist is eager to set up its own fuel distribution networks
ahead of the formal operation of its first refinery, of 240,000
barrels per day (bpd), in southern Guangdong province in October.
Meanwhile, private fuel sellers have been struggling to get
supplies from China's fuel duopoly, Sinopec and
PetroChina, as the latter were reluctant to feed them
when refining is a loss-making business due to record crude oil
costs and fixed fuel prices.
CNOOC on Tuesday bought 80 percent of Hangzhou Kangbo
Petroleum Co Ltd, which runs three petrol stations and an oil
depot in Zhejiang, the Xinhua News Agency reported.
The deal was a major step in CNOOC's building of a national
distribution network for refined oil products, Li Maolin,
managing director of CNOOC's refining and petrochemical unit, was
quoted as saying.
"It will give us easier access to oil resources," Kangbo
General Manager Chi Yongbo said.
Both sides declined to provide details of the deal, the report
said.
CNOOC plans to build 1,000 service stations and oil depots in
China's three major fuel consumption areas by 2010.
PetrolWorld 150408
|
